JMP Securities Lowers Freshworks (NASDAQ:FRSH) Price Target to $23.00

Freshworks (NASDAQ:FRSHGet Rating) had its target price cut by analysts at JMP Securities from $29.00 to $23.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a “market outperform” rating on the stock. JMP Securities’ price target indicates a potential upside of 49.35% from the stock’s current price.

FRSH has been the subject of a number of other reports. Scotiabank began coverage on shares of Freshworks in a research note on Wednesday, June 8th. They issued a “sector perform” rating and a $16.00 price objective for the company. StockNews.com raised shares of Freshworks to a “sell” rating in a research note on Monday, May 9th. Wolfe Research boosted their target price on shares of Freshworks from $14.00 to $15.50 and gave the stock an “outperform” rating in a report on Thursday. Jefferies Financial Group reduced their target price on shares of Freshworks from $18.00 to $17.00 in a report on Monday, May 23rd. Finally, Robert W. Baird reduced their target price on shares of Freshworks from $40.00 to $20.00 in a report on Wednesday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $18.23.

Freshworks Trading Up 1.9 %

Shares of FRSH opened at $15.40 on Wednesday. Freshworks has a 12-month low of $10.51 and a 12-month high of $53.36. The firm has a fifty day moving average price of $13.49 and a 200-day moving average price of $16.78. The firm has a market capitalization of $4.38 billion and a P/E ratio of -0.61.

Freshworks (NASDAQ:FRSHGet Rating) last released its quarterly earnings data on Tuesday, May 3rd. The company reported ($0.18) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.01. Freshworks had a negative net margin of 68.69% and a negative return on equity of 24.02%. The company had revenue of $114.64 million during the quarter, compared to analyst estimates of $108.24 million. During the same period in the prior year, the firm earned ($0.02) earnings per share. The firm’s revenue for the quarter was up 42.3% compared to the same quarter last year. Analysts predict that Freshworks will post -0.72 earnings per share for the current year.

Insider Activity

In other news, Director Randy Gottfried sold 33,750 shares of the company’s stock in a transaction dated Monday, May 16th. The shares were sold at an average price of $15.59, for a total transaction of $526,162.50. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Barry L. Padgett sold 225,000 shares of the company’s stock in a transaction dated Friday, June 17th. The shares were sold at an average price of $11.38, for a total transaction of $2,560,500.00. Following the transaction, the director now owns 1,078 shares in the company, valued at $12,267.64. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Randy Gottfried sold 33,750 shares of the company’s stock in a transaction dated Monday, May 16th. The shares were sold at an average price of $15.59, for a total transaction of $526,162.50. The disclosure for this sale can be found here. Insiders have sold a total of 293,938 shares of company stock worth $3,624,058 over the last 90 days. 29.12% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Freshworks

Several hedge funds have recently modified their holdings of FRSH. Principal Financial Group Inc. increased its holdings in Freshworks by 0.5% in the 4th quarter. Principal Financial Group Inc. now owns 332,720 shares of the company’s stock worth $8,737,000 after buying an additional 1,603 shares during the period. FourThought Financial LLC acquired a new position in Freshworks in the 1st quarter worth approximately $47,000. Quantbot Technologies LP acquired a new position in Freshworks in the 1st quarter worth approximately $59,000. Ieq Capital LLC increased its holdings in Freshworks by 6.0% in the 2nd quarter. Ieq Capital LLC now owns 70,459 shares of the company’s stock worth $927,000 after buying an additional 4,000 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in Freshworks by 2.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 172,199 shares of the company’s stock worth $3,086,000 after buying an additional 4,202 shares during the period. Institutional investors and hedge funds own 24.86% of the company’s stock.

Freshworks Company Profile

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Freshworks Inc, a software development company, provides modern software-as-a-service products worldwide. Freshworks Inc was formerly known as Freshdesk Inc and changed its name to Freshworks Inc in June 2017. The company was incorporated in 2010 and is headquartered in San Mateo, California.

See Also

Analyst Recommendations for Freshworks (NASDAQ:FRSH)

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